What labels were these that were investing long-term into bands for most of the history of the music business? I mean, big labels with that kind of money didn't exist for most of the history of the music business. It was usually one or two guys who took out a second mortgage on their houses to put records out.

i wouldn't say that back in the late 60's record companies were doing "long-term investing" in bands per se financially, but they sure gave a lot of them time to establish their place in the business and not give them the boot because their first and/or second album didn't sell a million copies.

bands like Cream, Grateful Dead, Jimi Hendrix Experience, Chicago Transit Authority, Blood, Sweat and Tears, and a lot of others from that era probably wouldn't be given the same chance to grow in today's business. either you get a/some hits right out of the gate or you're selling shoes in a WalMart in the near future.

today it's all about milking the cash cow for what it's worth before the udder runs dry. developing and working a band/talent is not what it used to be in this day and age. which is all the more reason why today it's the music "business" and NOT the business of music.